Zynga (NASDAQ:ZNGA) Downgraded to “Hold” at Truist Securities

Truist Securities downgraded shares of Zynga (NASDAQ:ZNGA) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning, Analyst Ratings Network reports. They currently have $10.00 price target on the stock. Truist Securities also issued estimates for Zynga’s FY2021 earnings at $0.24 EPS and FY2022 earnings at $0.29 EPS.

A number of other research analysts have also recently issued reports on ZNGA. BTIG Research initiated coverage on shares of Zynga in a report on Wednesday, October 27th. They set a buy rating and a $10.00 price objective for the company. Wells Fargo & Company decreased their price objective on shares of Zynga from $13.00 to $9.86 and set an overweight rating for the company in a report on Tuesday. JPMorgan Chase & Co. decreased their price objective on shares of Zynga from $12.00 to $10.00 and set an overweight rating for the company in a report on Thursday, December 2nd. Barclays decreased their price objective on shares of Zynga from $12.00 to $10.00 and set an overweight rating for the company in a report on Tuesday, November 9th. Finally, KeyCorp decreased their price objective on shares of Zynga from $11.00 to $10.00 and set an overweight rating for the company in a report on Friday, October 8th. Three investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Zynga has a consensus rating of Buy and a consensus price target of $11.28.

Shares of NASDAQ:ZNGA opened at $8.96 on Wednesday. Zynga has a one year low of $5.57 and a one year high of $12.32. The company has a 50 day moving average of $6.75 and a 200-day moving average of $8.03. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.25 and a quick ratio of 1.25. The stock has a market cap of $10.04 billion, a price-to-earnings ratio of -99.54 and a beta of 0.14.

Zynga (NASDAQ:ZNGA) last issued its quarterly earnings results on Monday, November 8th. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.03). Zynga had a positive return on equity of 4.35% and a negative net margin of 3.30%. The business had revenue of $704.70 million for the quarter, compared to analyst estimates of $658.88 million. During the same quarter in the prior year, the firm earned ($0.06) EPS. The firm’s quarterly revenue was up 40.0% compared to the same quarter last year. Equities research analysts anticipate that Zynga will post 0.24 earnings per share for the current year.

In other Zynga news, CFO James Gerard Griffin sold 52,636 shares of the company’s stock in a transaction on Thursday, October 21st. The shares were sold at an average price of $8.00, for a total transaction of $421,088.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ellen F. Siminoff sold 5,000 shares of the company’s stock in a transaction on Wednesday, December 15th. The stock was sold at an average price of $6.18, for a total transaction of $30,900.00. The disclosure for this sale can be found here. Insiders own 8.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Exchange Traded Concepts LLC bought a new stake in Zynga during the fourth quarter worth $158,000. DNB Asset Management AS raised its position in shares of Zynga by 100.0% in the fourth quarter. DNB Asset Management AS now owns 5,076,396 shares of the company’s stock valued at $32,489,000 after purchasing an additional 2,537,896 shares during the period. Hudson Bay Capital Management LP bought a new position in shares of Zynga in the third quarter valued at about $3,765,000. CLARET ASSET MANAGEMENT Corp bought a new position in shares of Zynga in the third quarter valued at about $102,000. Finally, Balyasny Asset Management LLC bought a new position in shares of Zynga in the third quarter valued at about $20,638,000. 78.99% of the stock is currently owned by hedge funds and other institutional investors.

About Zynga

Zynga, Inc provides social game services. It develops, markets and operates social games as live services played on mobile platforms such as Apple’s iOS operating system and Google’s Android operating system, and social networking sites such as Facebook. It offers Chess with Friends, Crazy Cake Swap, Draw Something, FarmVille, Gems with Friends, Ice Age: Arctic Blast, Looney Tunes Dash, Speed Guess Something, What’s The Phrase, Wizard of Oz Magic Match, Yummy Gummy, Free Slots, Black Diamond Casino, Hit It Rich, Zynga Poker and Willy Wonka Slots.

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Analyst Recommendations for Zynga (NASDAQ:ZNGA)

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